Las Vegas home prices stay at record high for 3rd straight month

Home prices stayed at a record high price in Southern Nevada for the third straight month, according to March figures from the Las Vegas Realtors who pull statistics from the Multiple Listing Service.

The median sale price for a house sold in Southern Nevada last month was $485,000, a record high and where the benchmark price has sat since January.

LVR President George Kypreos said the median price sticking at a record high is a good sign for the overall residential real estate industry.

“It’s interesting to see that the median price of existing homes hasn’t changed since the start of 2025,” he said in a statement. “This is another indication of stability and how homes prices have been increasing more gradually. At the same time, home buyers are benefiting from more homes available for sale and a recent drop in mortgage rates.”

Listings continue to flood the local market as at the end of March there were 5,416 homes listed for sale without any offer, a massive 63 percent jump from the same time last year.

A total of 2,712 single-family homes, condos and townhomes sold in March, a 2.9 percent increase from March of last year for houses, but down 3.4 percent for condos and townhomes.

In February, according to the LVR, a total of 2,296 homes, condos and townhomes sold. In a news release, LVR outlined the roller coaster ride that Southern Nevada’s residential real estate industry has been on for the past few years.

“Local home sales have been rebounding from a slow year in 2023,” LVR said in a statement. “LVR reported a total of 31,305 existing local homes, condos and townhomes sold during 2024. That was up from 29,069 such sales in 2023, the slowest year for existing local home sales since 2008. LVR tracked 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.”

According to Zillow, Las Vegas Valley homesellers are cutting prices on their listings at an increased rate compared with last year, but it doesn’t appear buyers are biting.

Sellers cut prices on 18.5 percent of the listings on the market through the end of February, a 12.8 percent increase from last year at that time, according to the report. Zillow has the average home price in the valley at $430,277, a 4.2 percent increase year over year and a 45.6 percent increase from before the pandemic started.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.